The Common Fund for Commodities (CFC) is an intergovernmental

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...

established within the framework of the

United Nations The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmonizi ...

. It is a vestige of the proposed

New International Economic Order The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy. The main NIEO document recognized that the current international e ...

. The CFC finances commodity development projects in developing states. The CFC was established in 1989. It was set up by a 1980

multilateral treaty A multilateral treaty is a treaty to which two or more sovereign states are parties. Each party owes the same obligations to all other parties, except to the extent that they have stated reservations. Examples of multilateral treaties include th ...

known as the Agreement establishing the Common Fund for Commodities. As of June 2017, there are 110 parties to the Agreement and thus to the CFC. This total includes 101

UN member states The United Nations member states are the sovereign states that are members of the United Nations (UN) and have equal representation in the UN General Assembly. The UN is the world's largest intergovernmental organization. The criteria ...

plus 9 intergovernmental organizations: the

Andean Community The Andean Community ( es, Comunidad Andina, CAN) is a free trade area with the objective of creating a customs union comprising the South American countries of Bolivia, Colombia, Ecuador, and Peru. The trade bloc was called the Andean Pact ...

, the

African Union The African Union (AU) is a continental union consisting of member states of the African Union, 55 member states located on the continent of Africa. The AU was announced in the Sirte Declaration in Sirte, Libya, on 9 September 1999, calling fo ...

, the

Caribbean Community The Caribbean Community (CARICOM or CC) is an intergovernmental organization that is a political and economic union of 15 member states (14 nation-states and one dependency) throughout the Caribbean. They have primary objectives to promote econo ...

, the

Common Market for Eastern and Southern Africa The Common Market for Eastern and Southern Africa (COMESA) is a regional economic community in Africa with twenty-one member states stretching from Tunisia to Eswatini. COMESA was formed in December 1994, replacing a Preferential Trade Area whic ...

, the

East African Community The East African Community (EAC) is an intergovernmental organisation composed of seven countries in the Great Lakes region of East Africa: the Democratic Republic of the Congo, the United Republic of Tanzania, the Republics of Kenya, Buru ...

, the

European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been ...

, the

Economic Community of West African States The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...

, the

Southern African Development Community The Southern African Development Community (SADC) is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further regional socio-economic cooperation and integration as well as political and security cooper ...

and the

West African Economic and Monetary Union The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...

. Members that have joined but then withdrawn from the CFC include Australia,

Austria Austria, , bar, Östareich officially the Republic of Austria, is a country in the southern part of Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous ...

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...

, Japan,

Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small land ...

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 List of islands of New Zealand, smaller islands. It is the ...

Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...

, and the

Eurasian Economic Community The Eurasian Economic Community (EAEC or EurAsEC) was a regional organisation between 2000 and 2014 which aimed for the economic integration of its member states. The organisation originated from the Commonwealth of Independent States (CIS) on ...

. The

United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territor ...

has not been a member of the fund.

References

External links

Common Fund for Commodities
International trade organizations United Nations organizations based in Europe United Nations General Assembly observers Intergovernmental organizations established by treaty Intergovernmental organizations {{company-stub